China's Debt Crisis Is Jaw-Droppingly Huge

Think American Debt Is Bad? Try China -- Benjamin Carlson, Real Clear World/Global Times

China is amassing debt at a blistering pace.

Since June of last year, more than 10 provinces and cities in China have loaded up on fresh stimulus plans that total up to 20 trillion yuan ($3.3 trillion), according to a recent report by the Chinese newspaper First Financial Daily.

Even in China, where everything is bigger, that figure is huge.

Jaw-droppingly huge.

To compare, it's roughly five times the amount the government pumped into China's economy to stave off the global financial crisis in 2008-2010.

Worse yet, it's a mountain on top of a mountain.

In September, people were shocked when a government researcher estimated that local debts totaled $3.3 trillion at the end of 2012 - double the 2010 figure.

Now, if First Financial Daily's numbers are correct, debts have basically doubled - yet again.

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My Comment: The Chinese have become like Japan and the West .... their governments just cannot control their spending.